To the moon? if you like to hear that, skip this post! I'm a reasonable trader who have saved and gained in dropping prices over and over, not an astronaut!

Let's play the old game:

• we go to weekly chart, draw long-term support and resistance lines
• then to the monthly chart and check if they look ok
• then back to daily chart and adjust the lines with highs and lows

the result is something like this in the daily chart:

now let's translate the chart in to words!
what? ok... ok! it's my self-conscious telling me, I have to remind you that I am not a financial adviser, but a normal trader! I'm explaining my thoughts and observations of the market, to learn from you.

Right? OK! let's get back to chart:

right today, the signal is trying to get back to the uptrend it has started couple of years ago. this uptrend was looking steady and strong till the mid June drops.

So as for now, BTC is testing this resistance level to break back in to the uptrend.

If it fails

the down-trend will shape and the second red line (which is downward) will be in charge of shaping the price (which I can tell you is bad news!)
but,

If it breaks the resistance

which is more likely in my opinion, in less than a week you can expect $8000 mental resistance level to be tested, and then the blue resistance line, will be tested around $9300 - $9600

Now to the moon theory lovers can rush in to their speculations! but I gotta go then and study the new chart!
stay with me ;)